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The founder was, TVL plummeted by 20%, what happened to Marginfi?

author:MarsBit

原文作者:Kaori、Joyce

原文来源:blockbeats

This morning, Edgar Pavlovsky, founder of Marginfi, the Solana ecosystem margin protocol, announced in a social media post that he had left the Marginfi team due to disagreement with the way things were done inside or outside the team.

The founder was, TVL plummeted by 20%, what happened to Marginfi?

He said that there are lawyers currently working on the issue of the founder's departure, "Even though my finances have been poor lately and my personal income has almost gone to zero, I have told everyone involved that I don't care about tokens, money or anything else," Edgar said in the article, saying that he has no next steps at this time.

The founder's departure from the team was a devastating blow to a project that was on the rise, and while Edgar didn't specify what caused the team to break up, the community generally linked his departure to the previous SolBlaze accusations against Marginfi.

SolBlaze, an LST project on Solana, accused Marginfi of manipulating BLZE emissions allocations last night, causing losses to users. "In the last three emission cycles (three weeks), marginfi has not been able to load the allocated BLZE emissions into its reward system for users to claim, and the BLZE sent from the emission allocation only exists in its team's multisig", therefore, SolBlaze announced the suspension of the emission allocation of bSOL and BLZE stored on Marginfi, effective immediately.

The founder was, TVL plummeted by 20%, what happened to Marginfi?

SolBlaze also added that it did not receive a response after contacting Marginfi co-creator Mac Brennan about the underfilling of emissions, and that Marginfi has not communicated any information to SolBlaze about delayed emissions in the past few weeks.

Perhaps the reason for Edgar's departure has something to do with the Marginfi team's handling of the SolBlaze affair. At the time of writing, SolBlaze said that it had reached a settlement with Marginfi, but before the community could come to their senses, a new protagonist was added to the dispute.

Marginfi 遭吸血鬼攻击,对家下场曝 Drama 往事

An hour after Edgar's post, Solend officially announced that it would be airdropped to users who withdraw from Marginfi and deposit into Solend, and the specific amount of airdrop will be proportional to the value of the USD transferred by the user, and the funds must be deposited for a period of time to be eligible.

The founder was, TVL plummeted by 20%, what happened to Marginfi?

The departure of the founder and the vampire attack on Marginfi left much of the community baffled, and Chris Burniske, the founder of Place Holder, who seemed to know the inside scoop, exclaimed, "Wow, things are getting exciting."

Rooer, the founder of Solend, took the opportunity to publish a long article detailing the entanglement between Solend and Marginfi.

In his narrative, the Marginfi team will do whatever it takes to compete, using methods that include spreading rumors about Solend, saying that all Solend TVLs are from Alameda and that Solend v2 has no TVLs. According to the screenshots released by Rooter, they contacted the OKX wallet team and found that the Marginfi team had discouraged the OKX team from developing a business relationship with Solend because Solend was related to "FTX old money".

In addition to this, Rooter also accused the Marginfi team of often engaging in those "black posts" of Solend, "Marginfi often speaks ill of and interacts with Solend in posts critical of Solend. Rooter also released evidence that Marginfi co-creator Mac Brennan had taunted Solend in a tweet and pursued him under Rooter's tweet. "We initially refused to participate, not wanting to give them heat. But the sound was endless, we didn't fight back, they kept attacking."

The founder was, TVL plummeted by 20%, what happened to Marginfi?

Here, the Marginfi co-creator Mac Brennan who was hung out had just finished analyzing and putting a timeline to deal with Blaze's accusations, and he suffered a "character attack" again.

Prior to Rooter's tweet, Brennan had already posted a lengthy post explaining his social media behavior, "It's all about getting clicks and traffic," and after proving his character and marketing skills, Brennan ended with "Everything we do is for the sake of our users, and we'll continue to do so." However, judging from the comments, the community did not buy Brennan's popularity marketing strategy, and one comment mocked "TLDR: Dude has split personality".

The founder was, TVL plummeted by 20%, what happened to Marginfi?

In addition to the "match" between Rooter and Mac Brennan, the entire community as a "melon-eating crowd" has expressed its opinions, some expressing sympathy for Edgar, and some questioning the team's show, but the most vocal is to remind users to withdraw funds from Marginfi. After the above dramatic events, Marginfi's current TVL is $650 million, a 24-hour drop of 18.85%, which was surpassed by Raydium.

The founder was, TVL plummeted by 20%, what happened to Marginfi?

Since the FTX thunderstorm, the results of the silent construction of the entire Solana ecosystem have been obvious to all, and Solana is undoubtedly the fastest growing ecosystem and the strongest gold-absorbing effect since 2024. But it is precisely because of the large number of projects that the competition for attention resources in the market is also more intense, as can be seen from the drama of Marginfi with SolBlaze and Solend. The Solana DeFi circle will take over the negative public opinion caused by the congestion of the Solana network, and it will take time to see whether the entire ecosystem can return to calm.